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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 17872
Experience:  B.A.; M.B.A.; J.D.
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I have one large loan that is secured by my car. I was wondering

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I have one large loan that is secured by my car. I was wondering if I filed for bankruptcy would it take care of that loan even though it is secured and if I were to just give them the car would that then make the loan unsecure?

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

I have one large loan that is secured by my car. I was wondering if I filed for bankruptcy would it take care of that loan even though it is secured

 

Response 1: Yes, however since it is secured by your car, you would have to turn the car in to the lender.

 

and if I were to just give them the car would that then make the loan unsecure?

 

Response 2: Yes, the loan would then be unsecured. However, if they sold the car for less what you owe, they would still come after you for the rest of the loan, if you did not file for bankruptcy protection.

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